The Bitcoin price has dropped to below $8000: the lowest price for the cryptocurrency in over 8 weeks. This Bitcoin price drop is just one symptom of what appears to be a general drop in cryptocurrency values. Many are selling off their cryptocurrency holdings due to fears about this form of online transaction.
CoinDesk: Digital Currency Information
CoinDesk, the digital currency information service, stated that Bitcoin dropped to $7.695 on Friday. This is the lowest that this cryptocurrency has reached since November. However, the cryptocurrency rallied to $8,618 during Friday morning. CoinDesk’s bitcoin price index tracks a number of different digital currency exchanges, including Coinbase, itBit, Bitstamp and Bitfinex.
Since Bitcoin, there have been several digital currencies created and dropped significantly in value. This has been partially due to concerns over the proliferation of cryptocurrencies. It is believed that there may be the opportunity for criminal activity over their use. This is particularly the case in India, where Arun Jaitley, the Indian Finance Minister, has stated that the use of cryptocurrencies in this way would be eliminated.
Ripple and Digix DAO Examples of Newer Cryptocurrencies
During February 2nd, Bitcoin, Ethereum and Ripple dropped at the same time the day before by 14.49%, 27.62% and $29.51 respectively. Cryptocurrencies are now facing the same issues as other listed stocks. That is not all, however! With the continuing generation of new cryptocurrencies, such as Ripple and Digix DAO, it is becoming increasingly more difficult to keep track of them all and their regulation.
Bitcoin Price Slightly Dropped in Value
There is an increasing concern in the financial community regarding the almost unregulated proliferation of new cryptocurrencies and blockchain technology. One day, perhaps this will be the regular way to pay for goods. May we eventually have ‘hard’ cryptocurrency coinage in out purses and pockets? Who knows!
For now, however, it appears as though Bitcoin is the standard cryptocurrency. Although the Bitcoin price has slightly dropped in value, Bitcoin remains the major cryptocurrency, ahead of Ethereum.
